Team8's $365M Fund III Already Has an Exit. Here's What That Signals About Deployment Discipline.
TL;DR: Team8 closed $365 million in new capital this month, split between $265 million for Fund III and more than $100 million for follow-on checks, pushing total assets under management to nearly $2...
Why Most AI Venture Funds Will Underperform — and How to Spot the Exceptions
Global AI venture funding hit $225.8B in 2025, representing 48% of all venture capital deployed that year. But six companies absorbed nearly half that total. The math of AI VC is broken for most fund
DPI vs TVPI: The LP Metric That Actually Matters in 2026
TVPI (Total Value to Paid-In) includes unrealized paper gains. In 2026, LPs are demanding DPI because distributions fell to 6% of AUM, the lowest recorded level, while nine consecutive vintages failed
Subscription Credit Lines: The PE Tool That Makes Your IRR Look Better Than It Is
Private Equity Subscription Credit Lines: The PE Tool That Makes Your IRR Look Better Than It Is By Jeff Barnes, MBA | Angel Investors Network | June 24, 2026 TL;DR: Subscription credit lines let G...
Vintage Year in Private Equity: Why Your Entry Timing Shapes Returns More Than the Manager
The 400-Basis-Point Gap Nobody Talks About Imagine you commit capital to the same private equity firm twice. Same GP. Same strategy. Same team. Two different years. One commitment earns a 16.58% ne...
DPI in Private Equity: The Metric That Tells You When You Actually Get Paid
TL;DR: According to ILPA's formal definition , DPI (Distributed to Paid-In Capital) captures cumulative distributions at the fund level, net of fees and carry. It is the only private equity metric
TVPI in Private Equity: What It Means and Why LPs Track It
According to Carta's Q4 2024 fund performance data , only 39% of 2018 vintage venture capital funds had a TVPI (Total Value to Paid-In) at or above 2.0x as of the end of 2024. That means six years
MOIC: The Private Equity Performance Metric That Tells You Magnitude Without Time
TL;DR: MOIC (Multiple on Invested Capital) measures how many times a fund returned your original investment. Formula: MOIC = Total Value (Realized + Unrealized) / Total Invested Capital. It tells you
Private Credit Fundraising Fatigue in 2026: 188 Funds, 23-Month Closes, and the Retail Redemption Reckoning
TL;DR: Only 188 private credit funds closed in 2024, the lowest count since 2011 and down from 255 in 2023. Median fund-closing time hit 23+ months in Q1 2025, the longest since 2008. The top 5
The J-Curve in Private Equity: Why Your Fund Looks Terrible in Year One
The bottom line: In a typical buyout fund, your reported net asset value drops to roughly 80 cents on every committed dollar by year 3.5 before it ever climbs back. That is not a warning sign. It is..
IRR in Private Equity: The Metric Funds Use to Sell You on Returns
TL;DR: Across 12,306 private capital funds totaling $10.5 trillion in AUM, the median net IRR is 9.1%, barely above long-run public market returns once you strip out IRR's mathematical quirks. Oxford.
DPI in Private Equity: The One Performance Metric That Actually Tells the Truth
TL;DR: DPI (distributions to paid-in capital) is the only private equity metric that measures real cash in your pocket. TVPI looks better because it includes unrealized gains. GPs know this. That's
TVPI Explained: The PE Metric LPs Use to Grade Fund Returns
TL;DR TVPI (Total Value to Paid-In Capital) measures every dollar of value a private equity fund has generated relative to the capital you invested. It combines the cash you have already received with
TVPI in Private Equity: The Performance Metric That Actually Tells You If You Made Money
According to ILPA's January 2025 Performance Template , every private equity fund reporting to institutional LPs must now disclose TVPI in two ways: with and without the impact of subscription credit...
DPI Is the Only Private Equity Metric That Actually Matters
TL;DR: Distributions as a share of NAV hit 11% in 2024—a record low. Bain's 2026 report confirms the industry is sitting on $3.2 trillion in unrealized value across 29,000 unsold companies. Yet fund
MOIC Explained: Multiple on Invested Capital and Why the Number You See Is Probably Inflated
MOIC Explained: Multiple on Invested Capital and Why the Number You See Is Probably Inflated TL;DR: The gross MOIC a GP quotes in a pitch deck is not the net MOIC you receive as an LP. Standard…
TVPI Explained: What Total Value to Paid-In Capital Tells You About a Private Fund
TVPI Explained: What Total Value to Paid-In Capital Tells You About a Private Fund TLDR: CalPERS's disclosed fund data shows private equity TVPI ranging from 0.3x (near-total loss) to 4.2x within the…
TVPI Explained: What Every LP Needs to Know About This Fund Performance Metric
TL;DR: Cambridge Associates data shows 2018-vintage PE buyout median TVPI sits at 1.72x as of Q4 2024, while top-quartile funds for the same vintage reach 2.35x. TVPI is the fastest read on...
DPI vs TVPI: The PE Metric That Pays Your Bills (One of Them Doesn't)
Here is the number that should keep every private equity LP up at night: half of all PE funds raised between 2015 and 2018 have still not returned investors’ initial capital, according to ILPA d
TVPI Tells You What a Fund Is Worth. It Doesn't Tell You What You'll Get Paid.
A 2019-vintage fund that was showing 3.2x TVPI in early 2022 looked brilliant. By mid-2023, that same fund was sitting at 1.4x. Not a single company had been sold. The GP hadn't made a bad decision in those 18 months....